Euro Stablecoin Initiative Gains Momentum with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the issuance and distribution of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to introduce a regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated assets in the market. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin project, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'